Does BitcoinFile depend on Bitcoin? According to the correlation analysis, BTC and BIFI have a strong positive relationship. The correlation coefficient of their prices is 0.43, which was computed based on the previous 100-days' price dynamics of both coins.
This coefficient may vary from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient means that the prices of the assets are going in the contrary direction while the positive coefficient shows that the prices are moving in the same direction. For instance, if Bitcoin and BitcoinFile connection is positively strong, it means that when BTC is rising BIFI will grow as well. The negative strong relation will show that when BTC is growing BIFI value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BitcoinFile. If we take all the aspects affecting the price of BIFI as 100%, then the share of BTC price among these factors will be 18.49%. The other part which is 81.51% covers all the other circumstances, such as media, events or crypto related laws.